Bitcoin Surges to $98,000 as Wall Street Celebrates Santa Rally

Wall Street has kicked off the Santa Rally season with a positive momentum, seeing all major indices close higher in a shortened session leading into the Christmas holiday.

Market Highlights

• The S&P 500 climbed 1%, marking its third consecutive day of gains after a volatile Federal Reserve meeting.
• The Dow Jones Industrial Average rose 0.9%, while the Nasdaq 100 gained 1.3%, almost completely erasing previous losses.
• Consumer discretionary stocks, the year's top-performing sector, led the charge amid light trading volumes. Tesla Inc. (NASDAQ: TSLA) surged 7.35%, achieving its strongest single-day performance since November.

Other Notable Performers

Other standout stocks in the S&P 500 included Walmart Inc. (up 2.4%), Starbucks Corp. (up 2.8%), and Netflix Inc. (up 2.5%). The U.S. dollar index also posted modest gains, hovering near one-year highs against the euro, while Treasury yields remained stable at 4.6% for the 10-year benchmark.

Cryptocurrencies React

In the cryptocurrency market, Bitcoin (CRYPTO: BTC) experienced a 4% jump to over $98,000, indicating a renewed risk appetite following recent volatility. This rally positively impacted crypto-related stocks like Microstrategy Inc. (NASDAQ: MSTR), MARA Digital Holdings Inc. (NASDAQ: MARA), and Coinbase Global Inc. (NASDAQ: COIN), all of which posted significant gains.

Summary of Major Indices

| Major Indices | Price | 1-day %chg | |-----------------------|------------|-------------| | Nasdaq 100 | 21,771.80 | 1.3% | | S&P 500 | 6,032.64 | 1.0% | | Russell 2000 | 2,254.99 | 0.8% | | Dow Jones | 43,239.42 | 0.8% |

The Santa Rally is in full swing, and with Bitcoin hitting new heights, it’s an exciting time for the markets!

Updated at 1:00 p.m. ET